Quantbot Technologies LP Makes New Investment in Chegg, Inc. $CHGG

Quantbot Technologies LP bought a new position in shares of Chegg, Inc. (NYSE:CHGG) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 43,997 shares of the technology company’s stock, valued at approximately $28,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of Chegg during the first quarter worth $174,000. Invesco Ltd. boosted its position in shares of Chegg by 25.6% during the first quarter. Invesco Ltd. now owns 433,079 shares of the technology company’s stock worth $277,000 after purchasing an additional 88,326 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Chegg by 7.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,828,028 shares of the technology company’s stock worth $1,168,000 after purchasing an additional 133,506 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Chegg by 5.6% during the first quarter. Deutsche Bank AG now owns 612,038 shares of the technology company’s stock worth $392,000 after purchasing an additional 32,420 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Chegg by 78.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after purchasing an additional 736,239 shares in the last quarter. 95.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of Chegg from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 13th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $1.70.

Chegg Trading Up 3.9%

CHGG opened at $1.47 on Friday. The stock has a market capitalization of $158.70 million, a P/E ratio of -0.56 and a beta of 1.77. Chegg, Inc. has a 12 month low of $0.44 and a 12 month high of $2.73. The firm’s fifty day simple moving average is $1.33 and its 200 day simple moving average is $1.06.

About Chegg

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.